Crypto exchange Swyftx teams with fellow Aussie fintech Superhero in $1.5 billion merger
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Two Aussie fintechs – popular crypto exchange Swyftx and share-trading superannuation startup Superhero – are joining forces in a unicorn-creating AUD$1.5 billion merger.
The high-powered combo deal was revealed on June 8, with the newly merged entity set to become the first in Australia to offer both decentralised and traditional financial services.
The merge will essentially create a DeFi and TradDi powerhouse down under, according to an official announcement from Brisbane-based Swyftx.
We're teaming up with equities trading platform & fellow Aussie fintech @superheroaus, to give you the opportunity to invest in digital and traditional assets – all in one place! 🦸💫
— Swyftx (@SwyftxAU) June 7, 2022
Swyftx co-Founder Alex Harper said “The proposed merger represents a significant step for both businesses in terms of their evolution from disruptive tech players into a single, major financial institution that can grow across domestic and international markets.”
The merger is expected to be completed within the next handful of months, likely by early 2023, and the fresh entity will support 800,000 investors across Australia and New Zealand, with offices in Sydney, Brisbane, London and Vancouver.
Swyftx says it has a shared vision with Superhero “to provide accessible financial opportunities”. Both services are expected to blend into one “super app” interface that will provide:
Both companies have reportedly experienced huge growth over the past 12 months with Swyftx enjoying a 1,200% increase in users, while the share-trading platform Superhero has grabbed a 600% rise.
Co-founded in 2018 by Alex Harper and Angus Goldman, Swyftx currently has more than 600,000 retail and corporate investors, enabling access to more than 320 digital currencies and various interest-earning options.
Superhero, also founded in 2018 – by John Winters and Wayne Baskin – pitches itself as Australia’s lowest cost online broker, and its growth has seen it gain more than 200,000 investors able to trade in Australian and US stocks and exchange-traded funds (ETFs).
Both platforms will continue to operate their separate enterprises while the logistics for the merger are carried out over the next few months.
One burning question for now remains, though – what will the two merged fintechs call themselves? SwyftHero? SuperX? SuperSwyftXHero? Yeah, probably that one.